UNIBAIL-RODAMCO SE: FULL-YEAR RESULTS 2015

Recurring Earnings per Share (recurring EPS) at €10.46, exceeding the range of€10.15 - €10.35 per share guidance for 2015 provided in January 2015.

* Recurring Earnings per Share (recurring EPS) of €10.46, representingunderlying growth of +8.3% from the recurring EPS for 2014 adjusted for the disposals in 2014 and 20151 * Solid operating performance: Like-for-like Group Net Rental Income up by +3.2%, of which +3.9% for its shopping centre division * Record low cost of debt at 2.2% while extending average debt maturity to 6.5 years * Total portfolio value increased to €37.8 Bn, up by +9.2% * Net asset value per share: * Going Concern Net Asset Value per share: €186.70, up by +12.3% * EPRA NNNAV per share: €169.90, up by +12.4% * €7.4 Bn prime quality development pipeline

"2015 has been another successful year for Unibail-Rodamco. The Groupdelivered three unique new shopping centres: Minto (Mönchengladbach),Polygone Riviera (Cagnes-sur-Mer) and Mall of Scandinavia (Stockholm). Theirsuccess was immediate; each of them drew more than 1 million visits in lessthan 4 weeks. In December 2015, the Group signed a binding term sheet for alease agreement with Deloitte for the remaining 19 floors in Majunga (LaDéfense) which was ratified and signed on January 18, 2016. Majunga is nowfully let. Unibail-Rodamco also executed a number of successful financingfirsts and asset-liability management exercises, further decreasing itsaverage cost of debt to a record low of 2.2%. The consistent execution ofUnibail-Rodamco's strategy by our excellent teams generated Recurring EPS of€10.46, representing an underlying growth of +8.3%."Christophe Cuvillier, CEO and Chairman of the Management Board

RECURRING EPS AT €10.46, UP +8.3% COMPARED TO ADJUSTED FY-2014

The Group's recurring EPS came to €10.46 in 2015, representing an increase of+8.3% from the recurring EPS for 2014 adjusted for the disposals in 2014 andthe further disposals effected in 2015.This successful year has been driven by solid like-for-like net rental income(NRI) growth in the shopping centres, successful deliveries and a record-lowcost of debt.Reported recurring EPS decreased by only -4.2% in 2015 compared to 2014,despite the impact of the massive disposals in 2014 (-€1.15) and 2015(-€0.11) and ever lower indexation.

CONSISTENT EXECUTION YIELDS STRONG RESULTS

Shopping Centres

Although affected by the terrorist attacks in Paris last year, the Group'stenant sales were up by +4.1% through December 31, 2015, second only to the+5.3% recorded in 2007. Through November 2015, the Group's tenant sales wereup by +4.6%, outperforming national sales indices by 240 bps due to, amongothers, the very strong performance in the Group's Spanish, French andCentral European shopping centres. The like-for-like NRI for shopping centresgrew by +3.9% compared to 2014, 360 bps above indexation. At only 0.3%,indexation was the lowest since 2007. The Group signed 1,367 leases onstanding assets, with a Minimum Guaranteed Rent uplift of +18.2%, and +20.2%for its large shopping centres. Unibail-Rodamco signed 196 leases withinternational premium retailers, up by +15% from 170 in 2014. The EPRAvacancy rate remained low at 2.5%.

Offices

The Paris region office market saw a gradual recovery in take-up in 2015.Unibail-Rodamco achieved a number of notable leasing successes, with So OuestPlaza (Levallois, Paris region) delivered in H1-2015 and fully let toL'Oréal, and the complete letting of the remaining 31,000m² of GLA in theMajunga tower to Deloitte. Majunga is now fully let.

Convention&Exhibition

Convention&Exhibition's strong performance was driven by successful shows suchas "SIMA", "Batimat", the "Le Bourget International Air Show", the triennial"Intermat" show and "COP21". NRI was up by +5.1% compared to 2014.

STRONG OPERATING RESULTS CREATING VALUE

The Gross Market Value of the Group's assets as at December 31, 2015, amountedto €37.8 Bn, up +9.2% in total and up +6.0% like-for-like compared toDecember 31, 2014, driven primarily by rental and yield effects of +2.6% and+3.3% respectively, of the shopping centres division.The average net initial yield of the retail portfolio compressed to 4.6% as atDecember 2015 (vs. 4.8% as at December 2014), reflecting market yieldcontraction and the increased quality of the portfolio. Yields in the officesector saw a strong recovery on the back of buoyant investor demand.

Going Concern NAV stands at €186.70 per share as at December 31, 2015, anincrease of +€20.40 (+12.3%) compared to €166.30 as at December 31, 2014.This increase was the sum of (i) the value creation of €29.24 per share, (ii)the mark-to-market of the fixed-rate debt and derivatives for +€0.76, and(iii) the impact of the dividend of €9.60 per share paid in 2015.

€7.4 Bn DEVELOPMENT PIPELINE TO DRIVE FUTURE GROWTH

In 2015, the Group delivered €2.0 Bn of projects, including new retail assetsMinto (Mönchengladbach), Polygone Riviera (Cagnes-sur-Mer) and Mall ofScandinavia (Stockholm), restructured and/or extended shopping centres,mainly Täby Centrum (Stockholm), Euralille (Lille) and Ruhr Park (Bochum),and delivered the fully let So Ouest Plaza office tower (Levallois, Parisregion), which includes a cinema and restaurant right next to the So Ouestshopping centre. The Group added €1.4 Bn of new projects to the pipeline,including the Triangle tower project (Paris) following its approval by theParis City Council on June 30, 2015. The total investment cost of thedevelopment pipeline amounts to €7.4 Bn as at December 31, 2015, compared to€8.0 Bn as at December 31, 2014.

The Group took advantage of very favorable market windows in 2015 to refinance€1.9 Bn of debt at lower rates and with longer maturities. In addition, theGroup restructured part of its hedging positions following the EuropeanCentral Bank meeting on December 3rd 2015.The average cost of debt of Unibail-Rodamco decreased to a new record low of2.2% (from 2.6% in 2014), and the average maturity of its debt increased to6.5 years. Financial ratios are strong: Loan-To-Value (LTV) decreased to 35%(vs. 37% as at December 2014) and the interest coverage ratio increased to4.6x, up from 4.2x in 2014. The Group increased liquidity further, with arecord level of €5.45 Bn of undrawn credit lines at December 31, 2015.

OUTLOOK FOR 2016

Adjusted for the impact of the €1.6 Bn of net disposal proceeds in 2015(-2.6%), the Group anticipates its underlying rate of growth for 2016 to bein line with the +6% to +8% announced last year.The successful restructuring of its hedging portfolio will provide anadditional benefit in 2016, bringing thegrowthtobetween +8% and +10%. Consequently, the Group expectsrecurring earnings per share in 2016 ofbetween €11.00 and €11.20 per share.

DIVIDEND

In 2016, Unibail-Rodamco will again pay its dividend in two installments. Forthe 2015 fiscal year, the Group will propose acash dividend of €9.70 pershare, subject to the approval of the Annual General Meeting (AGM) on April 21,2016. The payment schedule will be as follows:

* Payment of an interim dividend of €4.85 on March 29, 2016 (ex-dividend date March 23, 2016); and * Payment of a final dividend of €4.85 on July 6, 2016 (ex-dividend date July 4, 2016).

For 2016 and thereafter, the Group intends to increase its annual cashdistribution in line with its recurring EPS growth.

Created in 1968, Unibail-Rodamco SE is Europe's largest listed commercialproperty company, with a presence in 12 EU countries, and a portfolio ofassets valued at €37.8 billion as of December 31, 2015. As an integratedoperator, investor and developer, the Group aims to cover the whole of thereal estate value creation chain. With the support of its 1,995professionals, Unibail-Rodamco applies those skills to highly specialisedmarket segments such as large shopping centres in major European cities andlarge offices and convention&exhibition centres in the Paris region.The Group distinguishes itself through its focus on the highest architectural,city planning and environmental standards. Its long term approach andsustainable vision focuses on the development or redevelopment of outstandingplaces to shop, work and relax. Its commitment to environmental, economic andsocial sustainability has been recognised by inclusion in the DJSI (World andEurope), FTSE4Good and STOXX Global ESG Leaders indexes.The Group is a member of the CAC 40, AEX 25 and EuroSTOXX 50 indices. Itbenefits from an A rating from Standard&Poor's and Fitch Ratings.For more information, please visit our website:www.unibail-rodamco.com---------------------------------------[1]2014 recurring EPS adjusted for the impact of (i) the disposals in 2014(-€1.15) and (ii) the further disposals effected in 2015 (-€0.11).

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: UNIBAIL-RODAMCO SE via Globenewswire